Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this article; and The secured party’s failure to comply with this article does not affect the liability of the person for a deficiency. A secured party is not liable because of its status as secured party: To a person that is a debtor or obligor, unless the secured party knows: That the person is a debtor or obligor; The identity of the person; and How to communicate with the person; or To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: That the person is a debtor; and The identity of the person. A secured party is not liable to any person, and a person’s liability for a deficiency is not affected, because of any act or omission arising out of the secured party’s reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party’s belief is based on its reasonable reliance on: A debtor’s representation concerning the purpose for which collateral was to be used, acquired, or held; or An obligor’s representation concerning the purpose for which a secured obligation was incurred. A secured party is not liable to any person under § 28:9-625(c)(2) for its failure to comply with § 28:9-616 . A secured party is not liable under § 28:9-625(c)(2) more than once with respect to any one secured obligation.
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